Zakah

Zakah

Definition: Blessing, purification, increase and goodness.

Ibn Taimiah said, ‘The soul of one who gives Zakah is blessed and so is his wealth.’

The technical definition of Zakah is ‘A determined portion taken from wealth and allocated to those deserving it, by a Quranic injunction.

Calculating Zakah

On the first of Ramadan, calculate your total wealth on that date and calculate Zakah, thereforth.

Zakah on Pure Gold and Gold Jewellery

Zakah should be calculated at 2.5%of the market value as on the date of valuation (in our case we consider 1^st of Ramadan).

Zakah on Silver

Zakah is to be paid on silver in pure form of jewellery, utensils, decorative items and all household items including crockery, cutlery made of silver at 2.5% of the prevailing market rates.

Zakah on cash and Bank Balance

Zakah should be paid at 2.5% on all cash balance and bank balances in your savings, current or FD accounts. The amount technically should be in the bank for one year. Usually it happens that the balance keeps on changing as per personal requirements. You may make your best judgment and the best way is to pay on remaining amount on the day of calculation.

CLICK HERE TO CALCULATE YOUR ZAKAH

To pay your Zakah or Fitrana, please click here.